Daily Analysis For AUD/USD  22-05-2023

Daily Analysis For AUD/USD 22-05-2023

AUD/USD Analysis
Economic Events and Scenario for AUD/USD
Economic Events : -
00:50(Japan) Machinery Orders YoYMediumJPY
00:50(Japan) Machinery Orders MoMMediumJPY
01:00(Canada) Victoria DayNoneCAD
01:00(Montenegro) Independence DayNoneEUR
02:15(China) Loan Prime Rate 1YMediumCNY
02:15(China) Loan Prime Rate 5YMediumCNY
05:30(Netherlands) Consumer ConfidenceMediumEUR
06:00(Estonia) PPI YoYLowEUR
06:00(Estonia) PPI MoMLowEUR
07:30(Switzerland) Industrial Production YoYMediumCHF
08:00(Slovakia) Current AccountLowEUR
09:00(Greece) Current AccountLowEUR
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(Euro Area) Construction Output YoYLowEUR
10:45(European Union) EU Bond AuctionLowEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
11:00(Luxembourg) Unemployment RateLowEUR
11:30(Portugal) Current AccountLowEUR
13:00(Kosovo) Balance of TradeLowEUR
13:30(United States) Fed Bullard SpeechMediumUSD
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:00(Euro Area) Consumer ConfidenceMediumEUR
15:50(United States) Fed Barkin SpeechMediumUSD
15:50(United States) Fed Bostic SpeechMediumUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
20:00(El Salvador) Balance of TradeLowUSD

Today's Scenario: - AUD/USD has dipped to an intraday low around 0.6645, reversing the early strength observed during the Asian session. The market sentiment is cautious due to a mix of macroeconomic factors and upcoming key data/events this week. It is important to note that the Australian dollar pair rebounded from its lowest levels in a month on the previous day, but has been struggling to maintain bullish momentum lately.
Despite China's ban on Micron Technology products, as reported by the Wall Street Journal (WSJ), US President Joe Biden expressed optimism about improving ties with China shortly after a dispute over an alleged spy balloon earlier this year strained relations. Biden made these remarks at the end of the Group of Seven (G7) summit in Japan, as reported by Bloomberg. Additionally, Biden mentioned that his discussion with Republican House Speaker Kevin McCarthy went well and they are scheduled to continue talks on Monday.

Buy Scenario: - For AUD/USD to aim for the First Major Resistance Level (R1) at 0.6679, it needs to stay above the pivot level at 0.6648. A move back to 0.6650 would indicate a bullish session. However, the breakout will depend on supportive news regarding the debt ceiling and central bank discussions.
If a breakout occurs, the pair could potentially test the Second Major Resistance Level (R2) at 0.6706. Further upside movement may lead to a challenge of the Third Major Resistance Level (R3) at 0.6737. Till we do not advise to buy AUD/USD.

Sell Scenario: - On the other hand, if the pair falls below the pivot level, it may encounter support at the First Major Support Level (S1) at 0.6621. Unless there is a risk-off sentiment causing a significant sell-off, the AUD/USD pair is expected to avoid dropping below $0.66 and the Second Major Support Level (S2) at 0.6589.
The Third Major Support Level (S3) is located at $0.6562. Till we do not advise to sell AUD/USD.

Support and Resistance Level: -
S1 0.6621-R1 0.6679
S2 0.6589-R2 0.6706
S3 0.6562-R3 0.6737


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